The price of Pi Network has risen amidst growing interest in the cryptocurrency, corresponding to the breaking of a key resistance level.
Overview of Pi Network's Price Increase
In the past 24 hours, Pi Network's price increased by 10%, reaching $0.40. According to analyst @cin365x, this development could signal a trend reversal with potential rallying towards $0.53. The cryptocurrency has seen a prolonged bearish trend since its exchange debut when it hit an all-time high of $2.98 but was severely affected by a market correction of 86%, raising concerns among investors.
Analysis of Long-term Prospects
Analysts have noted the formation of a bullish falling wedge pattern on the chart, which usually precedes a breakout. Should this breakout occur, initial price targets could be between $0.60 and $0.70, with the potential for a rise to $1.20 or even $1.30 in the medium term. Current support remains in the $0.25 to $0.30 range. Analyst Dr. Altcoin has also expressed confidence in the project's long-term prospects, citing the integration of Web3 and artificial intelligence.
Conclusion and Future Forecasts
The recent price breakthrough above $0.40 has sparked renewed interest in Pi Network. While volatility remains possible, the technical setups and ecosystem development are drawing increased attention from both traders and long-term supporters.
In conclusion, Pi Network appears to be on the path for potential growth, supported by improvements in its ecosystem and timely market signals.
